The impact of ESG performance on the enterprise value of coal companies in China
LYU Jingye
Zhao Qian
Abstract：Since China announced the"two-carbon target"to the world in September 2020,ESG,as a new development concept has been developing accordingly.ESG performance is not only a measure of the sustainable development ability of enterprises,but also an opportunity to enhance their value.This paper uses the 2009-2022 ESG composite score to evaluate the ESG performance of coal enterprises and to examine its impact on enterprise value.The results show that the ESG performance of the listed companies in the coal industry has a positive and significant impact on both the internal book value and the external market value.Mechanism analysis shows that ESG performance promotes the internal book value of coal enterprises by reducing financing constraints,and enhances the external market value of coal enterprises by improving investor confidence.Heterogeneity research shows that ESG performance has a more obvious value enhancement effect for coal enterprises and state-owned coal enterprises in the central and western regions.
Keywords：ESG performanceintermediary effectenterprise valuecoal enterprise
Publication Date：2024-02-20
Online Publishing Date：2025-08-15(First online date of this platform, not the publication date of the document)
Pages：9( 159-167 )